Will gas prices climb because of Gustav?

August 31, 2008 9:00:00 PM PDT
The gulf coast accounts for about a quarter of all U.S. oil production and it's still too early to know if Hurricane Gustav will cause any slow down to that production. When Katrina hit gas prices skyrocketed to about where they are now and some stations simply ran out of gas.

Monday night, many are focused on two things, perhaps more pain at the pump, but also sending prayers to the gulf coast.

At a Garner gas station, the price per gallon actually went down a penny on Monday but many people are are keeping a close eye on the gulf coast and the lingering effects that Gustav could have in the coming weeks.

Some analysts expect prices to jump at least 20 cents, and perhaps even get back to four dollars a gallon.

Sherrie Wilder of Raleigh says if that happens people will angrily adjust.

Wilder, continued, "So I think if gas prices do go back up to that level, it would be a small price to pay because at least this time, you could at least sort of justify it as saying this is a hurricane and not some other unforeseen forces that keep raising our gas prices."

Whatever happens with the price Richie Kibler of Garner has proclaimed that he will keep filling up his 1970's Camero.

Kibler offered, "Ain't gonna make you angry, ain't nothing you can do about it."

Most of those we spoke with Monday said their focus wasn't on the pump but rather on prayer.

Marshall Butler of Raleigh emphasized, "My prayers are with them, I just hope and pray that they are safe and you know, property's one thing, but the lives mean a whole lot more."

Before Hurricane Katrina shutdown oil rigs in 2005, a gallon of regular gasoline averaged $2.57. It shot up to $3.10 less than a week after the storm hit. That's a 21% increase!

Right now in North Carolina a gallon of regular averages $3.66.

A 21% jump now would push gas to $4.43 per gallon.


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